UBA and Guinness Lead in Female Board Membership Among Top Nigerian Firms
United Bank for Africa (UBA) has achieved a significant milestone by surpassing other major Nigerian companies, including Lafarge, Guinness, BUA, Stanbic IBTC, and Nigerian Breweries, in terms of female board representation. According to reports, UBA has the highest number of female board members among these companies. Lafarge Africa and Guinness Nigeria follow closely with 45% female representation, while Stanbic IBTC and Nigerian Breweries have 42% female board members. However, some companies, such as FBN Holdings Plc, BUA Cement, Geregu Power, Union Bank Plc, and Okomu Oil, have the lowest ratios of female board members, ranging from 9% to 15%.
The data indicates a positive trend towards gender diversity among Nigeria’s top companies. Analysis shows a steady increase in the ratio of female board members over the past five years, rising from 18% in 2018 to 25% in 2022. However, countries like South Africa, the UK, and the US still have higher percentages of female board members, with 36%, 41%, and 35% respectively. The research and credit agency firm, Augusto Consulting, acknowledges the progress made by forward-thinking companies committed to promoting diversity, while also highlighting the need for further improvement.
Several companies have demonstrated positive changes in female board representation. For example, Okomu Oil transformed from zero female representation in 2020 to 15% by the end of 2022. Flour Mills and Zenith Bank also made significant strides in increasing their representation.
Overall, UBA leads with eight female board members, while Lafarge Africa and Guinness Nigeria also have notable female representation. Stanbic IBTC Holdings and Nigerian Breweries are among the top companies with women on their boards. The increase in female board membership reflects efforts to promote diversity and inclusivity in corporate leadership within Nigeria.
Additionally, UBA, GTCo, Zenith Bank, and Access Bank Holdings paid substantial dividend payouts for the 2022 financial year, providing stock market investors with significant residual income. Zenith Bank and GTCo were particularly attractive dividend-paying stocks in the
